Amy Ni wants to borrow, $450.00 at 6% for 2 years. Find the interest in dollars that Amy will have to repay and the total amount, principal plus interest Amy will repay. Amy will use the formula: I = (P) (R) (T) to find the interest in dollars she will repay. Amy knows that 6% = 6/100 or .06. Thus, I = P R T equals (450)(.06) (2) or $54.00. Amy will pay back $504.00 when the loan is due. (Note that 2 years was not expressed as 24 months!) To multiply by 24 would have been saying that Amy had the loan for 24 years. Practice Set #1 Calculate the amount of interest and the amount to repay in the table below. No Principal Rate Time Interest| Amount to Repay Ex. $450.00 6% 2 $54.00 $504.00 1 $4500.00 9% 6 2 $800.00 5% 3 3 $3,000.00 10% 5 4 $9,500.00 12% 2 5 $1,000.00 10% 6 $45,280.00 14% 2